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Singapore Further Pursues Business Cooperation With Other Countries

Singapore authorities have recently met with top government officials in Europe and Asia to further strengthen the bilateral economic and foreign relations of both countries. The city-state has recently been in talks with the leaders of China and Portugal to boost its economic, trade and tourism relations with the said countries.

According to recent news, Singapore Trade and Industry Minister Lim Hng Kiang met with China’s Commerce Minister Chen Deming during the main event of the Singapore-China Investment Promotion Committee (IPC) meeting to strengthen the economic ties of both countries. Both ministers highlighted the implementation of the China-Singapore Free Trade Agreement (CSFTA), which will be reviewed this month.

Singapore and China’s bilateral trade revenues have reached SG $101.4 billion last year, which reflects a 6.4% growth from 2010. The meeting between the two countries will serve to enhance the trade of both countries, bringing in more Chinese companies in Singapore and helping them set up their satellite branches, subsidiaries, and representative offices in the nation.

China, meanwhile, would be allowing Singapore to expand in its health care and educational field. Singapore’s export of services to China has been steadily increasing for the last decade, reaching SG $1.3 billion in 2001 to SG $7.4 billion in 2010.

At the same time of the meetings in China, Portugal President Cavaco Silva inked three agreements with Singapore leaders that are crucial to both countries’ economic cooperation. These agreements involve improving the research and development field of both countries for science and technology, sports, culture and education; enhanced policies under the Agreement for the Avoidance of Double Taxation; and the lifting of the limits on air transport between the two countries.

The bilateral trade between Portugal and Singapore has reached SG $298 million in 2011. The agreements signed by the two countries are seen to increase the expansion opportunities in both territories.

Singapore has also pursued its bilateral business relations recently with Sri Lanka and India.